The American housing market took off during the early months of the COVID-19 pandemic. The homeownership rate – or the share of housing units occupied by their owner – jumped by 2.6 percentage points from the first quarter to the second quarter of 2020, by far the largest increase ever recorded. By the end of 2020, there were 2.1 million more homeowners in the United States than there were a year earlier.
The surge in home sales was fueled by several factors, including historically low mortgage rates, and, as some experts speculate, the pandemic, which led many Americans to re-evaluate where and how they live. Here is a look at the mortgage rate in America every year since 1972.
Nationwide, the homeownership rate stands at 64.4%, according to the latest American Community Survey data from the U.S. Census Bureau. This rate varies substantially across the country, however, and in some U.S. cities, the homeownership rate is well above the national average.
Using census data, 24/7 Wall St. identified the 50 cities with the highest homeownership rates. Cities, defined as places with populations of at least 25,000, are ranked by the share of housing units occupied by their owners.
Among the cities on this list, homeownership rates range from 87.5% to 96.3%. The cities on this list span the country, though New York state alone is home to nine, more than any other state.
Homeownership can be expensive, especially in the many cities on this list with higher than average home values. However, incomes in these areas also tend to be relatively high, making homeownership more affordable for larger shares of the population. In all but two cities on this list, the median household income exceeds the national median of $64,994. Here is a look at the 20 cities where the middle class can no longer afford housing.
Click here to see cities where the most people own their homes
To determine the cities with the highest homeownership rates, 24/7 Wall St. reviewed five-year estimates of the share of housing units that are occupied by their owners from the U.S. Census Bureau’s 2020 American Community Survey. Cities were ranked based on the percentage of housing units that are occupied by their owners. To break ties, we used the number of housing units that are occupied by their owners.
We used census “place” geographies — a category that includes incorporated legal entities and census-designated statistical entities. We defined cities based on a population threshold – census places needed to have a population of at least 25,000 to be considered.
Cities were excluded if homeownership rates were not available in the 2020 ACS, if there were fewer than 1,000 housing units, or if the sampling error associated with a city’s data was deemed too high.
The sampling error was defined as too high if the coefficient of variation — a statistical assessment of how reliable an estimate is — for a city’s homeownership rate was above 15% and greater than two standard deviations above the mean CV for all cities’ homeownership rates. We similarly excluded cities that had a sampling error too high for their population, using the same definition.
Additional information on median home value, median housing costs with and without a mortgage, and median household income are also five-year estimates from the 2020 ACS.
50. Shirley, New York
> Homeownership rate: 87.5%
> Median home value: $278,300 — 775th highest of 1,789 cities (tied)
> Median monthly housing costs (w/ a mortgage): $2,337 — 361st highest of 1,789 cities
> Median monthly housing costs (no mortgage): $1,031 — 112th highest of 1,789 cities
> Median household income: $92,426 — 383rd highest of 1,789 cities
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49. Palm City, Florida
> Homeownership rate: 87.5%
> Median home value: $391,700 — 433rd highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,219 — 425th highest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $691 — 486th highest of 1,789 cities (tied)
> Median household income: $100,272 — 303rd highest of 1,789 cities
48. Huntley, Illinois
> Homeownership rate: 87.5%
> Median home value: $256,100 — 880th highest of 1,789 cities (tied)
> Median monthly housing costs (w/ a mortgage): $1,940 — 620th highest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $735 — 402nd highest of 1,789 cities (tied)
> Median household income: $77,420 — 634th highest of 1,789 cities
47. North Ridgeville, Ohio
> Homeownership rate: 87.5%
> Median home value: $188,400 — 571st lowest of 1,789 cities (tied)
> Median monthly housing costs (w/ a mortgage): $1,464 — 631st lowest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $571 — 821st highest of 1,789 cities (tied)
> Median household income: $77,560 — 630th highest of 1,789 cities
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46. Oakville, Missouri
> Homeownership rate: 87.5%
> Median home value: $241,600 — 840th lowest of 1,789 cities (tied)
> Median monthly housing costs (w/ a mortgage): $1,619 — 829th lowest of 1,789 cities
> Median monthly housing costs (no mortgage): $596 — 730th highest of 1,789 cities (tied)
> Median household income: $86,505 — 472nd highest of 1,789 cities
45. Bella Vista, Arkansas
> Homeownership rate: 87.6%
> Median home value: $173,300 — 485th lowest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $1,242 — 338th lowest of 1,789 cities
> Median monthly housing costs (no mortgage): $439 — 347th lowest of 1,789 cities (tied)
> Median household income: $71,258 — 782nd highest of 1,789 cities
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44. Hicksville, New York
> Homeownership rate: 87.6%
> Median home value: $480,300 — 278th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,972 — 119th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $1,135 — 80th highest of 1,789 cities
> Median household income: $119,190 — 125th highest of 1,789 cities
43. The Acreage, Florida
> Homeownership rate: 87.7%
> Median home value: $337,800 — 587th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $1,842 — 715th highest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $632 — 617th highest of 1,789 cities (tied)
> Median household income: $85,678 — 490th highest of 1,789 cities
42. Chanhassen, Minnesota
> Homeownership rate: 87.9%
> Median home value: $400,300 — 416th highest of 1,789 cities (tied)
> Median monthly housing costs (w/ a mortgage): $2,254 — 402nd highest of 1,789 cities
> Median monthly housing costs (no mortgage): $709 — 454th highest of 1,789 cities (tied)
> Median household income: $124,184 — 100th highest of 1,789 cities
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41. Eldersburg, Maryland
> Homeownership rate: 88.2%
> Median home value: $391,600 — 434th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,291 — 378th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $618 — 653rd highest of 1,789 cities (tied)
> Median household income: $125,981 — 94th highest of 1,789 cities
40. Wilmette, Illinois
> Homeownership rate: 88.4%
> Median home value: $685,600 — 123rd highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $3,819 — 35th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $1,445 — 18th highest of 1,789 cities
> Median household income: $161,765 — 23rd highest of 1,789 cities
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39. Oswego, Illinois
> Homeownership rate: 88.4%
> Median home value: $254,200 — 890th highest of 1,789 cities (tied)
> Median monthly housing costs (w/ a mortgage): $2,126 — 492nd highest of 1,789 cities
> Median monthly housing costs (no mortgage): $841 — 234th highest of 1,789 cities (tied)
> Median household income: $97,330 — 331st highest of 1,789 cities
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38. Queen Creek, Arizona
> Homeownership rate: 88.4%
> Median home value: $363,800 — 496th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $1,926 — 633rd highest of 1,789 cities
> Median monthly housing costs (no mortgage): $483 — 569th lowest of 1,789 cities (tied)
> Median household income: $104,161 — 238th highest of 1,789 cities
37. Canyon Lake, Texas
> Homeownership rate: 88.5%
> Median home value: $243,300 — 854th lowest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $1,484 — 666th lowest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $482 — 562nd lowest of 1,789 cities (tied)
> Median household income: $77,946 — 621st highest of 1,789 cities
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36. Columbine, Colorado
> Homeownership rate: 88.6%
> Median home value: $432,300 — 361st highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,012 — 559th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $540 — 826th lowest of 1,789 cities (tied)
> Median household income: $105,089 — 232nd highest of 1,789 cities
35. Sun City West, Arizona
> Homeownership rate: 88.6%
> Median home value: $237,300 — 812th lowest of 1,789 cities (tied)
> Median monthly housing costs (w/ a mortgage): $1,171 — 233rd lowest of 1,789 cities
> Median monthly housing costs (no mortgage): $394 — 168th lowest of 1,789 cities (tied)
> Median household income: $54,444 — 539th lowest of 1,789 cities
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34. Clarksburg, Maryland
> Homeownership rate: 88.7%
> Median home value: $514,200 — 247th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,864 — 148th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $705 — 463rd highest of 1,789 cities (tied)
> Median household income: $149,173 — 44th highest of 1,789 cities
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33. Central, Louisiana
> Homeownership rate: 88.7%
> Median home value: $240,200 — 835th lowest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $1,459 — 622nd lowest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $458 — 438th lowest of 1,789 cities (tied)
> Median household income: $90,183 — 419th highest of 1,789 cities
_at_Prospect_Hill_Road_in_Glenn_Dale,_Prince_Georges_County,_Maryland.jpg#/media/File:2016-09-13_12_31_43_View_south_along_Maryland_State_Route_953_(Glenn_Dale_Road)_at_Prospect_Hill_Road_in_Glenn_Dale,_Prince_Georges_County,_Maryland.jpg "2016-09-13 12 31 43 View south along Maryland State Route 953 (Glenn Dale Road) at Prospect Hill Road in Glenn Dale, Prince Georges County, Maryland by Famartin")
32. Linton Hall, Virginia
> Homeownership rate: 88.8%
> Median home value: $454,800 — 313th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,612 — 233rd highest of 1,789 cities
> Median monthly housing costs (no mortgage): $688 — 489th highest of 1,789 cities (tied)
> Median household income: $149,824 — 41st highest of 1,789 cities
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31. Sachse, Texas
> Homeownership rate: 88.9%
> Median home value: $259,100 — 862nd highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $1,968 — 597th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $844 — 232nd highest of 1,789 cities
> Median household income: $109,098 — 196th highest of 1,789 cities
30. Olney, Maryland
> Homeownership rate: 88.9%
> Median home value: $524,700 — 239th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,617 — 231st highest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $755 — 361st highest of 1,789 cities (tied)
> Median household income: $149,155 — 45th highest of 1,789 cities
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29. Cottage Grove, Minnesota
> Homeownership rate: 88.9%
> Median home value: $261,500 — 851st highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $1,804 — 755th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $577 — 794th highest of 1,789 cities (tied)
> Median household income: $102,600 — 252nd highest of 1,789 cities
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28. Clinton, Maryland
> Homeownership rate: 89.1%
> Median home value: $321,500 — 640th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,177 — 453rd highest of 1,789 cities
> Median monthly housing costs (no mortgage): $671 — 533rd highest of 1,789 cities (tied)
> Median household income: $110,108 — 186th highest of 1,789 cities
27. North Tustin, California
> Homeownership rate: 89.2%
> Median home value: $938,900 — 46th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $3,573 — 51st highest of 1,789 cities
> Median monthly housing costs (no mortgage): $765 — 343rd highest of 1,789 cities (tied)
> Median household income: $149,631 — 42nd highest of 1,789 cities
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26. Prosper, Texas
> Homeownership rate: 89.3%
> Median home value: $482,700 — 273rd highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $3,253 — 78th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $1,367 — 27th highest of 1,789 cities
> Median household income: $153,777 — 34th highest of 1,789 cities
25. Oceanside, New York
> Homeownership rate: 89.3%
> Median home value: $490,600 — 268th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $3,269 — 75th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $1,323 — 38th highest of 1,789 cities
> Median household income: $116,619 — 143rd highest of 1,789 cities
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24. Plainfield, Illinois
> Homeownership rate: 89.5%
> Median home value: $322,500 — 636th highest of 1,789 cities (tied)
> Median monthly housing costs (w/ a mortgage): $2,434 — 317th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $981 — 132nd highest of 1,789 cities (tied)
> Median household income: $131,241 — 75th highest of 1,789 cities
23. Smithtown, New York
> Homeownership rate: 89.8%
> Median home value: $553,800 — 217th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $3,311 — 71st highest of 1,789 cities
> Median monthly housing costs (no mortgage): $1,460 — 17th highest of 1,789 cities
> Median household income: $137,625 — 60th highest of 1,789 cities
22. Leawood, Kansas
> Homeownership rate: 89.8%
> Median home value: $472,500 — 289th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,707 — 198th highest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $983 — 131st highest of 1,789 cities
> Median household income: $156,538 — 30th highest of 1,789 cities
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21. Severna Park, Maryland
> Homeownership rate: 90.2%
> Median home value: $549,100 — 221st highest of 1,789 cities (tied)
> Median monthly housing costs (w/ a mortgage): $2,759 — 184th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $744 — 385th highest of 1,789 cities (tied)
> Median household income: $151,969 — 37th highest of 1,789 cities
20. Brentwood, Tennessee
> Homeownership rate: 90.3%
> Median home value: $682,100 — 126th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,932 — 131st highest of 1,789 cities
> Median monthly housing costs (no mortgage): $735 — 402nd highest of 1,789 cities (tied)
> Median household income: $160,174 — 25th highest of 1,789 cities
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19. Plainview, New York
> Homeownership rate: 90.5%
> Median home value: $612,300 — 165th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $3,661 — 46th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $1,500+ — the highest of 1,789 cities (tied)
> Median household income: $156,622 — 29th highest of 1,789 cities
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18. Prairieville, Louisiana
> Homeownership rate: 90.5%
> Median home value: $259,000 — 863rd highest of 1,789 cities (tied)
> Median monthly housing costs (w/ a mortgage): $1,588 — 793rd lowest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $435 — 326th lowest of 1,789 cities (tied)
> Median household income: $99,722 — 310th highest of 1,789 cities
17. New City, New York
> Homeownership rate: 90.6%
> Median home value: $494,400 — 264th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $3,339 — 67th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $1,500+ — the highest of 1,789 cities (tied)
> Median household income: $143,873 — 51st highest of 1,789 cities
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16. Bel Air North, Maryland
> Homeownership rate: 90.8%
> Median home value: $359,700 — 514th highest of 1,789 cities (tied)
> Median monthly housing costs (w/ a mortgage): $2,061 — 536th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $609 — 684th highest of 1,789 cities (tied)
> Median household income: $117,129 — 138th highest of 1,789 cities
15. New Lenox, Illinois
> Homeownership rate: 91.4%
> Median home value: $308,500 — 679th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,305 — 370th highest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $896 — 187th highest of 1,789 cities
> Median household income: $115,327 — 147th highest of 1,789 cities
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14. Syracuse, Utah
> Homeownership rate: 91.5%
> Median home value: $340,900 — 575th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $1,692 — 870th highest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $429 — 297th lowest of 1,789 cities (tied)
> Median household income: $103,522 — 248th highest of 1,789 cities
13. Eagle Mountain, Utah
> Homeownership rate: 91.6%
> Median home value: $317,500 — 651st highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $1,664 — 880th lowest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $384 — 136th lowest of 1,789 cities (tied)
> Median household income: $87,094 — 461st highest of 1,789 cities
12. Wildwood, Missouri
> Homeownership rate: 92.4%
> Median home value: $384,200 — 451st highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,331 — 364th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $830 — 252nd highest of 1,789 cities (tied)
> Median household income: $135,177 — 65th highest of 1,789 cities
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11. Andover, Minnesota
> Homeownership rate: 92.9%
> Median home value: $305,900 — 681st highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $1,899 — 656th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $574 — 808th highest of 1,789 cities (tied)
> Median household income: $112,967 — 166th highest of 1,789 cities
10. Commack, New York
> Homeownership rate: 93.1%
> Median home value: $523,400 — 240th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $3,394 — 64th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $1,492 — 14th highest of 1,789 cities
> Median household income: $144,825 — 49th highest of 1,789 cities
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9. Levittown, New York
> Homeownership rate: 94.2%
> Median home value: $425,600 — 374th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,937 — 130th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $1,235 — 59th highest of 1,789 cities
> Median household income: $121,260 — 116th highest of 1,789 cities
8. Madison, Mississippi
> Homeownership rate: 94.3%
> Median home value: $271,100 — 799th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $1,765 — 792nd highest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $485 — 580th lowest of 1,789 cities (tied)
> Median household income: $119,855 — 120th highest of 1,789 cities
7. Southlake, Texas
> Homeownership rate: 94.5%
> Median home value: $697,000 — 115th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $4,000+ — the highest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $1,500+ — the highest of 1,789 cities (tied)
> Median household income: $223,621 — 3rd highest of 1,789 cities
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6. Forest Hills, Michigan
> Homeownership rate: 94.5%
> Median home value: $353,000 — 533rd highest of 1,789 cities (tied)
> Median monthly housing costs (w/ a mortgage): $2,159 — 466th highest of 1,789 cities
> Median monthly housing costs (no mortgage): $720 — 428th highest of 1,789 cities (tied)
> Median household income: $130,646 — 76th highest of 1,789 cities
5. Keystone, Florida
> Homeownership rate: 94.7%
> Median home value: $397,200 — 423rd highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $2,282 — 383rd highest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $802 — 289th highest of 1,789 cities
> Median household income: $126,573 — 91st highest of 1,789 cities
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4. Granger, Indiana
> Homeownership rate: 95.6%
> Median home value: $230,200 — 776th lowest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $1,451 — 609th lowest of 1,789 cities (tied)
> Median monthly housing costs (no mortgage): $445 — 377th lowest of 1,789 cities (tied)
> Median household income: $102,367 — 256th highest of 1,789 cities
3. Colleyville, Texas
> Homeownership rate: 95.9%
> Median home value: $567,600 — 201st highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $3,427 — 61st highest of 1,789 cities
> Median monthly housing costs (no mortgage): $1,391 — 24th highest of 1,789 cities (tied)
> Median household income: $171,485 — 17th highest of 1,789 cities
2. The Villages, Florida
> Homeownership rate: 95.9%
> Median home value: $283,300 — 750th highest of 1,789 cities
> Median monthly housing costs (w/ a mortgage): $1,395 — 533rd lowest of 1,789 cities
> Median monthly housing costs (no mortgage): $512 — 719th lowest of 1,789 cities (tied)
> Median household income: $64,933 — 846th lowest of 1,789 cities
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1. West Islip, New York
> Homeownership rate: 96.3%
> Median home value: $451,000 — 321st highest of 1,789 cities (tied)
> Median monthly housing costs (w/ a mortgage): $3,134 — 101st highest of 1,789 cities
> Median monthly housing costs (no mortgage): $1,428 — 20th highest of 1,789 cities
> Median household income: $132,415 — 70th highest of 1,789 cities
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